5 creative strategies to help you take your business to another level

Unique strategies your business should take advantage of

Before diving in, it is essential to know that the strategy used largely depends on the competition, where a business is financially, and government regulations. A small business that was initially able to access a PPP loan may not get one today following the program’s ending. However, there are still many funding options available to finance these strategies.

Product development

Business owners must also ask themselves whether their product marketing strategy is still viable. Often, a product’s value proposition and messages may no longer relate to the current market. 

Furthermore, it is essential to analyze whether competitors offer better quality or more features at the same price. Businesses must also evaluate customer service requests, feedback, and reviews. 

A business performing a forensic product line review can then determine how to move forward and boost its growth.

Market penetration

Market penetration is a strategy for increasing market share. Typically, the goal is to promote a newly-launched product or sell more existing products successfully. 

Market penetration is attainable differently. For instance, businesses can provide new services or products as free trials or offer them at discounted prices to customers. Businesses can also discount large orders or lower the price of a product or service to beat a competitor with the same offering. 

Reducing prices may be unappealing initially, but it can work well for short-term expansion. It works for businesses offering very generic products. Those who cannot improve or increase product range and can only promote existing products should make their products more attractive and promote them more.

Market development or expansion

Market development is a strategy for increasing sales to markets that may not have been previously explored. For this strategy to work, business operators must analyze how their existing products and services can reach new markets or how they can grow their existing market. 

Market development is critical when sales stagnate or when a business wants to reach a new target demographic, foreign market, corporate department ( for example, moving from finance to HR), or location.

Sales and profits will likely suffer if a business cannot find new markets. As observed in the Covid-19 era, many businesses have abandoned traditional ways of reaching their markets due to interrupted supply chains and safety protocols. Many have had to move their businesses online to retain their customers and, at the same time, reach new ones.

Strategic partnerships and acquisitions

Partnerships may generate growth that would otherwise be impossible to attain, especially for businesses that offer products or services that complement each other. Partnered businesses can receive referrals and benefit from free publicity or established brand goodwill.

Acquisitions are also good strategies for growth, especially for businesses with substantial cash flows or debt capacities. They allow a company to purchase another to expand or enlarge its operations. 

Through acquisitions, businesses reduce competition if they acquire direct competitors. They can also access proprietary technology that may otherwise require significant resources to develop and a customer base. 

Since the market and products will usually be established, a company that acquires another must be aware of precisely what it wants to achieve through the acquisition. That is because an acquisition requires a significant investment to implement. Startups, in particular, must carefully evaluate the potential benefits and risks of an acquisition, using startup data and market analysis to inform their decision-making process.

Market segmentation

Market segmentation is another effective growth strategy for small businesses. Instead of having one big customer group, a business can segment itself and sell to customers based on factors like purchasing history, preferences, locations, interests, and other demographics. 

A business can create a personalized campaign for its target through segmentation, increasing the likelihood of success.

Market segmentation can also be done for more effective competition in a crowded big market. Rather than casting a wide net, a business can employ detailed market research to determine the highest buying personas. Such research may involve website analytics and email surveys to understand customer preferences and traits.

Market segmentation may seem complex and time-consuming, but customer relationship management tools can help. A business owner can then focus better on tracking results and modifying marketing campaigns.

Conclusion

For many businesses, growth is an essential objective. Business growth happens when a company increases revenue, expands its customer base, or begins producing more products and services. 

However, several methods or strategies facilitate growth by influencing business decisions for overall success. Business owners who want to see substantial growth can use the above strategies to expand. Any strategy will depend on a business’s product or market approach and the risk involved.